Prepare your Depreciation Schedule

Appoint a qualified surveyor to address relevant depreciations within your property. Doing so can make a big difference to your tax return, as you may be able to claim for the depreciation in value of things like carpets, blinds, fixtures, fittings and appliances. Remember that as of 1 July 2017, you are no longer permitted to deduct the depreciation of ‘second hand’ or ‘previously used’ assets.

Line Up Your Deductions

Ensure you have your records up to date where your deductions are concerned. Note that the 2017/2018 budget included changes to the tax deductibility of certain costs associated with investment property ownership. Remember that you are no longer permitted to deduct the travel costs involved with visiting or maintaining the property – except under specific circumstances.

Your accountant may be able to help with categorising your expenses. Don’t forget you can claim expenses like maintenance costs, property management costs, gardening, cleaning and furniture (if fully-furnished).

Chat to Your Property Manager

Your property manager will be able to offers insights into the best way to maintain or improve the return on investment of your property. This may include recommended maintenance, renovations or additions. Making yourself aware of these recommendations or requirements ahead of the new financial year may allow you to get a few more deductions in before the June 30 cut off.

Chisholm & Gamon’s dedicated property managers are always on hand to help our landlords arrive at a balanced investment property strategy for the year past and the year ahead. If you’re looking for savvy property management services with help when you need it most (like tax time!), contact the team today.